The production of goods for export at Hung Viet Garment Company, Yen My district, Hung Yen province. (Photo: Tran Viet/VNA)

The WB report released on September 3 highlights that the proportion of trade in goods and services as a percentage of India's gross domestic product (GDP) declined over the past decade, despite the country's rapid economic growth.

Accordingly, India's share in global exports of textiles, leather, and footwear increased from 0.9% in 2002 to a peak of 4.5% in 2013 but then fell to 3.5% in 2022. Vietnam's and Bangladesh’s share in these sectors reached 5.9% and 5.1% in 2022, respectively.

The bank recommended that India reduce trade costs, lower trade barriers, and deepen trade integration to remain competitive.

The bank expects the Indian economy to continue its rapid growth at a rate of 7% in the current fiscal year, ending in March 2025, following a growth rate of over 8% in the previous year. The multilateral lender also forecasts India's growth to average 6.7% for the 2025-2026 and 2026-2027 fiscal years.